Economics is often called the study of how to resolve scarcity so as to best satisfy our wants and needs — how to allocate scarce resources, such as money, natural resources, our time, or our energy, among their many competing uses. That’s the subject of economics. Perhaps more important, though, is that economics is a way of thinking. This economic way of thinking and analyzing can be applied to a remarkable range of problems, in many different fields: how to make good individual decisions and good business decisions; how to take account of strategic considerations; how to explain human behavior (and even animal behavior!); how to address public policy issues such as unemployment, inflation, pollution, and international trade and politics.
The Department of Economics, established in 2009 has well experienced faculty and all the necessary items for conducting the course.